New York, USA, Aug. 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global precision farming market is expected to register a revenue of $10,762.7 million and grow at 13.5% CAGR during the forecast period 2019-2026. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the Market Size Pre and Post the Covid-19 Pandemic
According to the report, the real-time market size has considerably decreased compared to the pre-pandemic apprehensions. The real-time market size reached a revenue of $3,174.3 million in 2020, while its estimations were $5,119.9 million in the pre-pandemic scenario. Halt in seed production in agriculture-based countries like India along with disruptions in other dependent sectors like transport and packaging were some key factors to hinder the growth of the global precision farming market during the pandemic. However, rising demand for crop production, increasing population worldwide, and better government support for enhancing the precision farming practice are some factors predicted to drive the market growth post 2020.
Factors Impacting the CAGR Figures Pre and Post the Covid-19 Pandemic
As per the report, the global precision farming market is predicted to grow at a CAGR of 13.5% during the analysis years, while it was anticipated to be 14.7% in the pre-pandemic scenario from 2019-2026. Skyrocketing prices of daily consumables and declined crops production across the world are major factors projected to hamper the growth of the global precision farming market during the analysis timeframe. In addition, the shutdown of hotels, restaurants, and food joints is also estimated to impede the overall market growth in the upcoming years.
Post Pandemic Insight
As per the report, the global precision farming market is anticipated to recover by 1st /2nd quarter of 2023. Increase in supply chains and government’s growing focus on the health of agricultural workforce are some key factors expected to revive the growth of the global precision farming market during the forecast period. In addition, the implementation of artificial intelligence technology and drones in the agricultural farms is also predicted to create huge market growth opportunities post the pandemic in the upcoming years.
Key Market Players
Some key precision farming market players include
- Autocopter Corp
- AGCO Corporation
- Raven Industries
- Prospera Technologies
- Descartes Labs
- AG Leader
- Deere & Company
- Trimble
- F6S Network Limited
- AgJunction, and many more.
These market players are concentrating on developing strategies such as new product launches, research and development, following trending market ideas, building product portfolio, mergers & acquisitions, collaborations, and business expansions.
For instance, in November 2021, CNH Industrial, a British-American-Italian multinational agricultural machinery company, announced its acquisition of Raven Industries, a well-known leader in precision agriculture technology, to improve its competitive position and strengthen its footprint in the market.
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The report also sums up many crucial aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Precision Farming Market:
- 6 Significant Benefits of Precision Farming
- Global Precision Farming Market Projected To Garner $10,762.7 Million By 2026 Despite The Covid-19 Chaos
